GST collection in November crosses Rs 1 lakh crore

The November 2019 collection is the third highest monthly collection since introduction of GST, next only to April 2019 and March 2019 collections.

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12 global companies evinced interest to shift base from China to India: Sitharaman

Finance Minister Nirmala Sitharaman on Saturday said about 12 global companies have evinced interest to shift their base from China to India, taking advantage of competitive tax rate of 15 per cent announced recently.

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Government plans to invest $1.39 trillion in infrastructure to spur economy

In a push to improve the country's economy, the Government will unveil a series of infrastructure projects this month as part of a plan to invest 100 trillion rupees ($1.39 trillion) in the sector over the next five years, the finance minister said on Saturday.

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India will not negotiate any FTA on back foot; will protect India's interest: Piyush Goyal

Prime Minister Narendra Modi is ready to bite the bullet and because of that India decided to walk out from the mega free trade pact Regional Comprehensive Economic Partnership (RCEP) as the concerns of India was not addressed, Goyal said.

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Severe slowdown: When will the Indian economy recover and how?

Will FM Nirmala Sitharaman’s slew of interventions — from slashing corporate tax to doling out a real estate package — pay off immediately? Is there a way to accelerate recovery? How many more quarters will pass before India can bounce back to a desired 8-10% trajectory? Economists, statisticians and civil servants, whom ET Magazine spoke to, give mixed reactions.

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ET Awards 2019: India can be the oasis of growth amid global turmoil, says Piyush Goyal

The Narendra Modi government is determined to take policy initiatives, the minister said at the ET Awards.

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Fertiliser subsidy arrear at Rs 33,691 crore, may touch Rs 60K cr by March: FAI

Out of this, Rs 20,853 crore is under DBT (Direct Benefit Transfer) and balance Rs 12,838 crore is other than DBT. FAI also pointed out that Rs 20,434 crore dues are pending for which bills have been generated but not paid and the balance Rs 13,257 crore are pending for which fertilizer companies are not able to generate bills.

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Work is on to amend IBC to address cross-border insolvency: M S Sahoo

"There is proposal to amend the IBC to provide for such cases like cross border insolvency and to address some of the problems that have come up, but I will not be able to say which are these," Sahoo told reporters here on the sidelines of 'Roadshow on Competition Law and Practice' organised by CII here.

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Facebook bows to Singapore's 'fake news' law with post 'correction'

It is the first time the social media giant has added a correction to a post under the new law.

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It is the first time the social media giant has added a correction to a post under the new law.

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View: Recession door ast?

We can quibble over the definition of a recession and take satisfaction in the fact that India is far away, still, from two consecutive quarters of negative growth. Recession door ast. Or we can try and do something to reverse the slowdown. India needs proactive policy a little beyond waiting for the inevitable turn of the business cycle.

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Mustard cultivation shrinks as rains make farmers turn to wheat, pulses

The sown area of mustard in Rajasthan—the largest producer of the oilseed—has shrunk to around 2.1 million hectares this winter from 2.5 million hectares a year ago. Mustard seed prices generally follow an uptrend during winters when mustard oil is widely used for body massage.

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Q3 GDP to be worse: P. Chidambaram

"As predicted widely, GDP growth in Q2 has come lower at 4.5%. Yet the Government says 'All is well'. Q3 will not be more than 4.5% and in all likelihood will be worse," Chidambaram said in a tweet posted by his family on his behalf.

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View: With growth this bad, India needs more than luck

The troubling state of India's economy requires the ability of rate cuts to flow through the economy.

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Apple to take 'deeper look' at disputed borders

The review comes after the tech giant was criticised for maps showing Crimea as Russian territory.

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Technew

The review comes after the tech giant was criticised for maps showing Crimea as Russian territory.

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Sham news sites make big bucks from fake views

Websites that copy news stories from legitimate sites are making money from Google and Amazon ads.

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Technew

Websites that copy news stories from legitimate sites are making money from Google and Amazon ads.

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Gotabaya Rajapaksa's visit has potential to boost bilateral trade, investments with Sri Lanka: Assocham

"We can significantly increase our bilateral trade from the present level of about USD 7 billion. Besides, mutual investment can also flourish in a number of areas, including ports, airports, highways, metro rails, telecommunication, petroleum products and hydel power," Assocham President B K Goenka said.

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Govt to bring tax refund scheme for exporters before Cabinet

Commerce and Industry minister Piyush Goyal informed Rajya Sabha that the government would soon bring the tax refund scheme for exporters before the Union Cabinet and would notify it. He further added that the govt is also engaged in codifying various laws relating to labour into a far more crisper, well defined, easy to navigate & understand set of labour codes.

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Q2 GDP: A last-minute look at key barometers of the economy's health

Most of the readings reinforce the prevailing slowdown mood and hint at Q2 numbers falling below those in Q1.

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Economic growth likely between 4.2-4.7 per cent in second quarter, say experts

Various ratings agencies and financial institutions have further downgraded the second quarter growth figures ranging from 4.2 per cent to 4.7 per cent.

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Drone owners in the UK must register them by the end of Friday or face a £1,000 fine.

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Deadline for UK drone registration approaches

Drone owners in the UK must register them by the end of Friday or face a £1,000 fine.

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General election 2019: BBC complains to Tories over Facebook advert

BBC lawyers ask the Tories to stop running a Facebook advert using edited footage of its reporters.

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Technew

BBC lawyers ask the Tories to stop running a Facebook advert using edited footage of its reporters.

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India's wettest monsoon in 25 years could lift 2020 wheat output to record

The country received monsoon rains during the June-September season that were 10% above average and the rainfall continued during October and November, increasing soil moisture levels required for crop sowing. Rainfall also lifted the water level in India's key reservoirs to 86% of capacity compared to 61% a year ago and a 10-year average of 64%.

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'Fuel, time worth Rs 12,000 crore wasted at toll plazas per year'

India could save up to Rs 12,000 crore every year in terms of fuel and man-hours with the switch to 100% FASTag-based toll collection on national highways from Dec 1. Live monitoring of traffic by a startup shows long waiting times at many of the 488 NH toll plazas. At 2pm on Thursday, the average waiting time was 5-10 mins at 188 plazas and 10-20 mins at 32 others.

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India braces for shock GDP as Modi scrambles to spur economy

Data on Friday will likely show the economy had its weakest performance last quarter in more than six years, with the growth rate dropping below the symbolically important 5% mark. It’s a culmination of several months of downbeat figures, from plunging car sales to shrinking factory output and an export slump.

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Cut in corporate tax rate important for investments: CEA Krishnamurthy Subramanian

For the last few quarters the cycle of growth has not been as it was earlier, he said at an event here and added that "corporate tax rate is important for investments". India's economy grew at 5 per cent in the first quarter of 2019-20 -- the slowest pace in over six years. The second-quarter GDP number is scheduled to be announced later today.

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Japan won’t sign RCEP if India doesn’t join

Abe has sought to beef up ties with India across a range of fields to balance China’s regional dominance. Japanese and Indian foreign and defense ministers hold their first joint meeting in a so-called ‘two plus two’ format this weekend.

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UP sugar mills not interested in converting old sugar to ethanol

However, mills in Uttar Pradesh, the top sugar-producing state, are not keen on converting old stocks to ethanol. In Maharashtra, they are undecided about the benefits of the scheme, even though the state’s sugar industry had pushed for permission to convert old sugar into ethanol.

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View: Shaktikanta Das has the easiest, most unenviable job in central banking

The troubling state of the economy makes Das's task uncomplicated. India's pace of growth is slowing dramatically; govt numbers due today may well show the expansion slipped below 5% last quarter, the weakest pace since GDP figures were reconfigured in 2012. Last year, the nation was churning out GDP numbers with an 8 in front of them.

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Governance reforms take centre stage

SGoS are also likely to recommend creation of an All India Judicial Service, a new modern and technology backed legislation on emigration, pre-departure orientation training for more than 500,000 Indian emigrant workers, a Bharat Drive on the lines of the Google Drive and dedicated central prabharis or in-charges for the Northeast.

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Government measures fail to stem slide in NBFC credit

Loan sanctions fell 34% in the September quarter, a year after the NBFC liquidity crisis at IL&FS. Total NBFC sanctions fell to Rs 1.9 lakh crore at the end of September from Rs 2.9 lakh crore during the same period last year, according to data compiled by the CRIF High Mark credit bureau and the Finance Industry Development Council (FIDC).

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Technew

BBC Click's Lara Lewington looks at some of the week's best technology news stories.

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Jet suit man flies off Royal Navy ship and other news

BBC Click's Lara Lewington looks at some of the week's best technology news stories.

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Technew

The technology company is resisting calls for its staff to join unions, but do they need to?

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Technew

A breakthrough in battery technology would be an engineering triumph and spur to other technologies.

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Amazon: What does 'peak season' mean for employees?

The technology company is resisting calls for its staff to join unions, but do they need to?

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How to make phone batteries that last longer

A breakthrough in battery technology would be an engineering triumph and spur to other technologies.

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Punjab launches EMS & Web-GIS to ease Business

Sunder Sham Arora, Industries and Commerce Minister highlighted that all PSIEC allotees will be given access to an online dashboard which will be used for managing all aspects of their industrial plot. Post-allotment services shall be made available online, including, applying Water/Sewage connection.

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Parliament approves chit funds amendment bill

​​The bill seeks to increase the limits for aggregate fund collections in chit funds to thrice the current limits and allows the chit fund foreman a right to lien against the credit balance from subscribers. The Lok Sabha passed the proposed amendment on November 20.

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Apparel exports up 5% post Generalised System of Preferences withdrawal: Smriti Irani

“Post-withdrawal of GSP, imports of apparel will be subject to higher tariff. As per provisional data, exports of apparel (post withdrawal of GSP) has increased by 5% as compared to the corresponding period before withdrawal,” textiles minister Irani told Rajya Sabha in a written reply to a question.

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Typo in tax bill? Bill says lower MAT not this year

However, while the Ordinance said that the lower MAT will be effective immediately, the Bill said the reduced MAT will come into effect from next financial year.

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Technew

Ukrainian politicians and bloggers are also outraged after the firm shows it as a Russian territory.

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Chess champion Garry Kasparov condemns Apple's Crimea map change

Ukrainian politicians and bloggers are also outraged after the firm shows it as a Russian territory.

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Stats panel has recommended 2020-21 as GDP base year: Rao Inderjit Singh

The exercise of base year revision of national accounts is guided by the ACNAS comprising experts from the central and state government, academia, the Reserve Bank of India (RBI) and other domain specific experts.

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Swedish royal couple visits India to promote investment & innovation partnership

The Swedish Royal couple - King Carl XVI Gustaf and Queen Silvia - will travel to India between December 1 and 6. This is his third trip to India, the earlier visits being a State Visit in 1993 and a visit leading Royal Technology Mission in 2005. During his visit, the King will hold talks with President Ram Nath Kovind and Prime Minister Narendra Modi.

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Highways ministry lines up projects worth Rs 50,000 crore to be awarded in next 3 months

The highways ministry was planning to award road construction projects worth over Rs 500,000 crores over the next three months to boost demand in the construction and automobile sector, Gadkari had said. National Highway projects with a cumulative length of 5,493 km were awarded in 2018-19, Gadkari said.

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India's economy seen growing at 4.7% in September quarter

The median of a poll of economists showed annual growth in gross domestic product of 4.7% in the quarter, down from 5.0% in the previous three months and 7% for the corresponding period of 2018. Economic growth could dip to around 4% in the September quarter, two domestic television channels said on Wednesday, citing government sources.

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Why an income tax cut may not work like a magic bullet during a slump

As the government deals with the slowdown, there have been various solutions bandied about to fix the problem and get the economy back on track. ET talked to leading economists to weigh up one of the more talked about solutions - personal tax cuts.

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Technew

India is reportedly citing a major WhatsApp breach to make a further case for data localisation.

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Technew

TikTok has apologised to Feroza Aziz who was blocked after criticising China's treatment of Uighurs.

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Technew

Why our digital life means political campaigners target us in ways we might not realise.

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Pegasus: India may cite WhatsApp breach to store data locally

India is reportedly citing a major WhatsApp breach to make a further case for data localisation.

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Feroza Aziz: I'm not scared of TikTok

TikTok has apologised to Feroza Aziz who was blocked after criticising China's treatment of Uighurs.

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General election 2019: Why we all see politics differently on social media

Why our digital life means political campaigners target us in ways we might not realise.

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Govt introduces Labour Code on Industrial Relations bill in Lok Sabha

The industrial relations code is the third of four labour codes that have got approval from the Cabinet. The Bill consolidates essential elements of three laws—the Trade Unions Act, 1926, the Industrial Employment (Standing Orders) Act, 1946, and the Industrial Disputes Act, 1947—helping improve ease of doing business.

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FM Nirmala Sitharaman presents 1st supplementary demand of grants

The Finance Minister sought Parliament nod for additional spending of Rs 21,246.16 crore, including over Rs 8,820 crore for the newly formed union territories of Jammu and Kashmir and Ladakh, in the first batch of supplementary demands. Of this, the net cash outgo will be Rs 18,995.51 crore, she said in the statement tabled in the Lok Sabha here.

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Ola, Uber fees may be capped at 10% of total fare

The final rules for cab aggregators, which will be notified under the Motor Vehicle Act, is likely to be formalised before the end of the year. The guiding document detailed the fee caps, apart from regulations on surge pricing, passenger and driver safety, penalties for drivers and aggregators, and licencing norms for aggregators.

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Japan keen to fix India’s RCEP issues

Tokyo’s eagerness to include India stems from the fact that it fears China setting the terms of the pact and also reap the benefits from easier origin rules that would allow it to sell goods coming from China to other RCEP countries at low duties. India opted out of the RCEP earlier this month after a 7-yr negotiation with 15 other Asia-Pacific countries.

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Technew

Chinese-owned TikTok has apologised to a US teenager who posted a video criticising China's treatment of Muslims.

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TikTok apologises and reinstates banned US teen

Chinese-owned TikTok has apologised to a US teenager who posted a video criticising China's treatment of Muslims.

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Cyber Monday and Black Friday: Tips to get the best deals

How to be a savvy shopper - and not come a cropper - in the Black Friday sales.

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The current economic slump has another side to it

The cyclical vs structural battle has missed an important shift in a growing economy like India. With weak consumer sentiment and as more and more millennials become financially independent, consumer mindsets and behaviour are changing. Amidst this slowdown, a new renting and sharing economy has sprouted.

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Technew

The herd was shown "a unique summer field simulation program" in a bid to boost milk yields.

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Russian cows get VR headsets 'to reduce anxiety'

The herd was shown "a unique summer field simulation program" in a bid to boost milk yields.

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Technew

Simone and Alice Cardillo arrived at their accommodation to find it was empty and for sale.

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Couple falls victim to Airbnb scam in Belfast

Simone and Alice Cardillo arrived at their accommodation to find it was empty and for sale.

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Government hikes authorised capital of FCI to Rs 10,000 cr

The government has raised the authorised capital of Food Corporation of India (FCI), the nodal agency for procurement and distribution of foodgrains, to Rs 10,000 crore from the erstwhile Rs 3500 crore. This was done with the aim of reducing its debt and interest cost.

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Technew

Karen Bonham struggled to find the information she needed ahead of radiotherapy - so she created an app.

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Technew

Brazil's Konrad Dantas, better know as Kondzilla, has the world's second most watched music video channel.

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Technew

Far from newspaper offices and TV studios, committed volunteer activists have created an alternative Facebook media universe.

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Breast cancer: Patient creates app to help with treatment

Karen Bonham struggled to find the information she needed ahead of radiotherapy - so she created an app.

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The YouTuber with 26 billion views

Brazil's Konrad Dantas, better know as Kondzilla, has the world's second most watched music video channel.

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General Election 2019: The Facebook influencers you've never heard of

Far from newspaper offices and TV studios, committed volunteer activists have created an alternative Facebook media universe.

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Cabinet extends term of 15th Finance Commission

The Union government extended the term of 15th Finance Commission that is headed by N K Sinha to provide for the presentation of the final report covering FYs 2021-22 to 2025-26 by October 30, 2020. This will help the commission examine various comparable estimates for financial projections in view of reforms and to finalise its recommendations.

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India in talks with Russia to import coking coal to reduce dependence on others

Minister of Petroleum & Natural Gas Dharmendra Pradhan on Tuesday met Leonid Petukov, CEO, Far East Russia Investment and Export Agency. Pradhan stated that offtake of coal from Far East Russia can grow as the coking coal from Far East Russia becomes more attractive from the point of view of price, ease of availability, connectivity to the ports and sea transport.

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Modi will now need rivals' help to meet $3 trillion infra goal

India will need to spend Rs 235 lakh crore ($3.3 trillion) on infrastructure over the coming decade to return economic growth rates to more than 7.5%, according to Crisil Infrastructure Advisor. That means states will have to more than triple their contributions from the current decade

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Tighter CAFE norms to electrify govt’s EV push

CAFE is the average fuel efficiency of all vehicles produced by a manufacturer in a given period, taking into consideration the sales volume of each model. The government expects that a strict CAFE target will provide incentives to auto makers to produce and sell more EVs, to improve their average fuel efficiency.

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BPO firms left in the lurch over input tax refund

The Maharashtra Appellate Authority for Advance Ruling (AAAR) had held in a ruling in February that back-office support services did not qualify as “export of service” and were in the nature of arranging or facilitating supply of goods or services between overseas companies and customers. It said these services fell in category of intermediary services and were liable to GST.

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Bill introduced to raise cap on chit fund collections

Minister of state for finance and corporate affairs Anurag Singh Thakur said a government-constituted key advisory group (KAG) and the parliament’s standing committee on finance had both recommended changes to the legal and regulatory framework for chit funds for the orderly growth of the sector.

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Industrial Relations Code: Non-renewal of contract won’t be retrenchment

The labour code on Industrial Relations 2019, cleared by the cabinet last week, also says that fixed-term employees will get all statutory benefits like social security, wages, etc. on par with the regular employees who are doing work of same or similar nature. The Bill is expected to be introduced in parliament on Wednesday.

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Government may restrict import of all types of refined edible oils

A restriction will help India encourage import of more crude oils, facilitating better utilisation of the refining capacity of the domestic industry. Currently, both refined and crude edible oils are under the free category of foreign trade, resulting in an unrestricted inflow into the country.

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CEO Secrets: 'My success is all down to maths'

Timothy Armoo of Fanbytes explains how his success is grounded in a love of maths.

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Technew

Timothy Armoo of Fanbytes explains how his success is grounded in a love of maths.

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View: India has to fix structural problems because of the risk of growing old before growing rich

India runs the risk of growing old before it grows rich, and has a 10-year window to grow really fast.

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Service sector can help achieve target of USD 5 trillion GDP: Goyal

Union minister Piyush Goyal on Tuesday said India's service sector can help achieve the Central governments target of USD 5 trillion GDP.

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